31 March 2013
Hi, I’m not sure if this can be answered. I’m unable to find my return for AY 10-11. (Either in the tax department website, my old mails, etc). I have filled for AY 09-10, 11-12, 12-13 (I have those proof with me), but not sure whether I filled for AY-10-11 or not. Yesterday I have received one letter from income tax department as below —————————————- Sir/Madam, Subject: Non filing of income tax return –Reg 1.The Income tax department has received information or financial transaction/activities relating to you. A list of some of the information for financial year 2009-10 onwards is provided overleaf. As per records, you do not appear to have filled income tax return for Assessment year(s) 2010-11. 2. You are requested to furnish your response in the enclosed proforma to the undersigned by post within 10 days. Please note that your personal presence or presence of any authorized representative is not required. 3. if no reply is received, within specified time, it will be inferred that you have not filed income tax return for the relevant assessment years and proceedings under income tax act, 1961 may be initiated. Yours Faithfully, (Income tax officer) ———————————————- I am panic now. Do not know what to do. I am sharing details of my income for FY 09-10 (AY 10-11) below. Please provide your honest opinion. Please just not say “Contact some CA” (Anyway I will contact CA). But before that I need your opinion. I am salaried Software engineer. I was worked for 2 different companies that financial year. I have 2 form16 for that year. When I calculate both form16, I found below details, Total “chargeable under head salary” = 1509862 Total Tax deducted by two companies = 223340 Note: I had house building loan that time. Under 24(D), they considered 1.5L deduction and under 80(c) they consider 1L deduction. Also to mention this house, I had rented for monthly 2.5k = 3000 Rs/ year (which were not included in this above calculation). So can you please tell me how to file this return? And do I need to pay extra tax with penalty? And how much do I need to pay (including tax +penalty) if any? Please help me. I am little bit tense, after seeing this letter from income tax. NOTE: I came to know that loss from house property can be carry forward. So can my case “Income from Let-out Property Interest on Housing Loan” carry forward and can I claim that to reduce penalty if any? Query. Can I save income tax by Housing loan? Reply: Amount you pay as interest on Housing loan is deductible from you total salary. -In case house is used for self use/Self occupied then maximum Limit is Rs 1,50,000/- -There is no limit however if you have rented out the home to anybody and you are paying interest on housing loan. But, in this case do make sure that rent you are receiving should be added in your total income. For example: if you have are paying Interest on housing loan of Rs 3,50,000/-, then the whole amount can be reduced from your total salary, subject to condition that you show that you are receiving some rent from this home and you show the same in your Income Tax Return.
31 March 2013
Little correction: Also to mention this house, I had rented for monthly 2.5k = 30,000 Rs/ year (which were not included in this above calculation).
01 April 2013
Sir, If you are not able to find the return copy incase it was filed, then 1.Your return for the year happens to be belated and cannot be filed. You have your income computed and tax liability worked out. In case the Tax Deducted at Source covers the liability, you may reply to the letter received with this computation.If there is a shortfall in tax payment, wait for a notice under secion 148.
02 April 2013
Dear sir, I had contacted one CA and calculated my tax, its came around 60K and I paid that tax on 31/03/2013 and created challan. Then I asked CPC Bangalore to take ITR return, they told.. you need to contact normal IT department. I visited IT department today, they told, we cannot take ITR for AY10-11 now. They say once they will get some 148 notice from delhi (main letter was issued from delhi), that time they will issue notice to me and then I need to appear and explain and bla bla bla… So my question what shall I do now? Do I need to pay fine again ? I have already paid tax along with interest on 31st march 2013. How much time will take to get 148 notice? Can you please explain in layman term.
CAclubindia
